A non-profit hosts a special event that is not considered to be peripheral or incidental. The event brough in a net amount of $160,000 (total revenues were $200,000 less $40,000 of expenses which were comprised of $30,000 of direct expense and $10,000 of fundraising expense). Which of the following most accurately describes how revenues and expenses should be recorded? Multiple Choice O O Revenues must be reported as $160,000. All expenses are netted against revenues. Revenues must be reported as $170,000 (only direct expenses are netted against revenues). Revenues must be reported as $200,000. Direct expenses should be reported separately from fund-raising expenses. O It is up to the non-profit to determine accounting policy in regards to special events. As long as this policy is applied consistently and not misleading, it is permitted.

non-profit hosts a special event that is not considered to be peripheral or incidental. The event brough in a net amount of $160,000 (total revenues vere $200,000 less $40,000 of expenses which were comprised of $30,000 of direct expense and $10,000 of fundraising expense). Which of the ollowing most accurately describes how revenues and expenses should be recorded? Multiple Choice Revenues must be reported as $160.000. All expenses are netted against revenues. Revenues must be reported as $170,000 (only direct expenses are netted against revenues) Revenues must be reported as $200,000. Diect expenses should be reponted separately from fund-raising expenses. It is up to the non-proft to determine accounting potcy in regards to special events. As long as this policy is applied consistenty and not misleading, it is permitted